Demand remains high for auction properties as market appears to soften
Auctioneers at Auction House London say many people are watching the market carefully and only registering to bid for property at the last minute as seen in its recent sale (Wednesday 25 May 2022).
Auctioneer and Director of Auction House London, Andrew Binstock said, “One third of all bidders who registered with us for our auction this time, did so just 24 hours before we started. The market is still hot, but people appear to be hanging back until the last minute before they commit. Once again, we smashed it with 92% of all properties sold, raising more than £28m, so we are delighted with the result.”
Properties with potential are proving top of a bidder’s list at auction. This three-bedroom mid terrace house in Oakleigh Road North, Whetstone, north London was guided at £275,000 before selling at £440,000, well above its reserve price.
Properties with development potential are still in high demand and this three-bedroom detached bungalow on Hastings Road, Bromley, near Hayes Common, sold for well over its guide and reserve prices, with planning permission on the site, for three houses, still undecided. It was guided at £350,000 and sold for £614,000.
Andrew Binstock continued, “We are seeing a drop in the number of bidders at the moment which I think reflects a slight stalling of confidence in the market, but the people who are bidding are serious, putting in strong offers, and properties are continuing to sell, well above reserve prices.”
Auction House London has it's next livestream sale on Wednesday 29 June 2022.